Reuters: Financial Services and Real Estate: Generali names Greco as new CEO, replacing Perissinotto

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Generali names Greco as new CEO, replacing Perissinotto Jun 2nd 2012, 13:22 MILAN, June 2 | Sat Jun 2, 2012 9:22am EDT MILAN, June 2 (Reuters) - Europe's third-largest insurer Generali said it named Mario Greco, a top executive at Zurich Financial Group, as its new CEO on Saturday, after Giovanni Perissinotto was ousted in a rapid board-room coup. Ten out of 17 Generali board members voted in favor replacing Perissinotto, who had been harshly criticized by some of the insurer's largest shareholders for its weak share price as well as ill-timed investments in central Europe. Generali said company chairman Gabriele Galateri will run the company as acting CEO, "in accordance with the policy set out in the succession plan in the case of replacement of the Group CEO," Generali said. Greco's appointment will take place as soon as he can be named to Generali's board after leaving Zurich. A person familiar with the situation said Perissinotto will remain on the insurer's board. (Reporting by Gianluca Semeraro and Paola Arosio)

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